NASCUS and CFPB Sign State-Chartered CU Exam MOU

From left, CFPB Deputy Director Steve Antonakes, NASCUS President/CEO Mary Martha Fortney and Conference of State Bank Supervisors President/CEO John Ryan signed the agreement on May 20.

The Consumer Financial Protection Bureau and NASCUS have signed a memorandum of understanding to build on the foundation of state and CFPB coordination and cooperation for the supervision of state-chartered credit unions.

Specifically, NASCUS said in a release, the two will continue to endeavor to promote consistent examination procedures and effective enforcement of state and federal consumer laws and to minimize regulatory burden on state credit unions.

Further, the MOU provides that state regulators and the CFPB will consult regarding the standards, procedures and practices used by state regulators and the CFPB to conduct compliance examinations of credit unions.

The MOU also intends to avoid duplication of time and resources between the state regulators and CFPB, NASCUS said.

"As we are committed to reducing regulatory burden and increasing examination efficiencies while protecting America's state credit union members, NASCUS is pleased to sign this MOU," said Mary Martha Fortney, NASCUS president/CEO.